The anticipated break above 104.00 is settling into consolidation beneath 104.50/58, whilst overbought intraday studies unwind. Daily studies have turned higher, and broader weekly charts continue to strengthen, however, pointing to a later break and an early sign of a correction of the March 2020 bear trend. Meanwhile, support is raised to 104.00. Any immediate break should continue to find fresh buyers towards 103.50.
Hi there.
Daily and weekly studies have turned up, eg stochastics and the proprietary Tension Indicator, so we're anticipating a later break above 104.50/58. This will help to improve broader sentiment and point to a more sustainable rally in the coming weeks.
Mike